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May 20 - 12:55 PM

AUD/USD: Disappointed AU Jobs Report; Risk Of Testing Recent Low Around 0.7670 - Citi

By eFXdata  —  May 20 - 10:45 AM

Citi discusses AUD/USD outlook and see a scope for a decline towards 0.7670 near-term, but maintains a constructive bias over the medium-term.

"The jobs report disappointed overnight, with an unexpected -30.6k decline in employment vs 20k gain expected. However the details reveal that full time employment actually increased 34k, with the decline driven by part time employment declining. With the JobKeeper program terminated at the end of March, this print was always going to be volatile," Citi notes. 

"CitiFX acknowledges that the risk that AUDUSD tests the recent low at around 0.767 cannot be ruled out in the near term. That said, the commodity prices, such as iron-ore, have remained escalated essentially despite some adjustments this week. We remain constructive with the pair in the medium term, supposing the mild risk-on sentiment and the overall USD weakness to continue," Citi adds. 

Source:
Citi Research/Market Commentary

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